Our website uses cookies to improve your user experience. If you continue browsing, we assume that you consent to our use of cookies. More information can be found in our Cookies Policy and Privacy Policy.

Group pensions push ScotLife to record business levels

Scottish Life Group achieved record levels of new business last year as sales rose by 6 per cent over 1999 figures.

New singleand regularpremium business was up to more than £825m from £780m in 1999. Equivalent premium inc ome rose by 2 per cent to £139.9m from £136.9m.

Total new singleand regular-premium group pension business shot up by 56 per cent to £150m from £84m, representing an 18 per cent inc rease in equivalent premium income to £35.1m from £29.8m.

The life office attributes the rise in new business to strong sales of group pensions and the continued success of Scottish Life International. SLI business leapt by 40 per cent in EPI to £32.8m from £23.5m with single-premium bus iness up by 35 per cent to £316m from £234m.

ScotLife says the new business results were satisfactory, considering uncertainties surrounding stakeholder and concerns over mort gage endow ment shortfalls.

Group chief executive Brian Duffin says: “Most pleasing from a commercial perspective is that our focus on quality of business rather than just volume has continued to pay off. We have been able to add more value to the company as a result which is an achievement I am particularly proud of.”

Recommended

IFAs predict a speedy res olution of the Equitable Life debacle after it was revealed that up to hundreds of FSA staff are burdened with pension top-up sch emes with the life office. The news comes as Aegon, GE Capital and AMP are understood to be lining up bids for the life office. While GE […]

Standard & Poor&#39s Fund Services has awarded an AA rating to Old Mutual Asset Management&#39s new smaller companies fund, two weeks before its launch. OMAM&#39s Select fund, due to start on January 29, was awarded the rating on the back of star fund manager Ashton Brad bury&#39s past performance at his previous inv estment houses. […]

Mortgage borrowers are taking more control of their finances, with 43 per cent either remortgaging, renegotiating terms or increasing borrowing, according to a Council of Mortgage Lender survey. The survey shows 16 per cent of borrowers now have flexible mortgages but only 5 per cent have ever taken a payment holiday. Only 9 per cent […]

The likelihood of a cut in UK interest rates is growing as an independent report anticipates a slowdown in economic growth, reflecting a downturn in consumer spending. A report published by Ernst & Young&#39s Item club predicts a slowdown in consumer spending growth to 2.5 per cent in 2001 and 2 per cent in 2002 […]

Newsletter

Latest from Money Marketing

You have to do hard things to be successful in life. The things no one else does. Why? Life coaches will tell you those are the things that define you; the things that make the difference between existing and living. This may well be true but if that does not float your boat, then American […]

Only a quarter of women are shopping around for their retirement income, according to national IFA LEBC. Customers of LEBC pension advice business The Retirement Adviser are far more likely to use its whole of market service to find the best retirement income solution if they are male. LEBC says the proportion of women using […]

A weekly account of the curious goings-on in the world of financial services A game of Brexit MonopolyLast week, in a foreign policy speech, Theresa May said Brexit negotiations were in their “endgame”. WSJ thinks this is highly unlikely, having heard that not even a quarter of European law has been rolled over yet. Wingate […]

19th November 20182:58 pm

Comments

Leave a comment

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.